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GM earnings rise 1% as buyers pay more for popular pickups

DETROIT — General Motors said Thursday that higher prices for popular pickup trucks and SUVs helped overcome slowing global sales and profit rose by 1% in the second quarter. The Detroit automaker said it made $2.42 billion, or $1.66 per share, from April through June. Adjusting for restructuring costs, GM made $1.64 per share, blowing by analyst estimates of $1.44. Quarterly revenue fell 2% to $36.06 billion, but still beat estimates. Analysts polled by FactSet expected $35.97 billion. Global sales fell 6% to 1.94 million vehicles led by declines in North America and Asia Pacific, Middle East and Africa. The company says sales in China were weak, and it expects that to continue through the year. In the United States, customers paid an average of $41,461 for a GM vehicle during the quarter, an increase of 2.2%, as buyers went for loaded-out pickups and SUVs, according to the Edmunds.com auto pricing site. The U.S. is GM's most profitable market. Chief Financial Officer Dhivya Suryadevara said she expects the strong pricing to continue, especially as GM rolls out a diesel pickup and new heavy-duty trucks in the second half of the year. "We think the fundamentals do remain strong, especially in the truck market," she said, adding that strength in the overall economy and aging trucks now on the road should help keep the trend going. Light trucks accounted for 83.1% of GM's sales in the quarter, and pickup truck sales rose 8.5% as GM transitioned to new models of the Chevrolet Silverado and GMC Sierra, according to Edmunds, which provides content to The Associated Press. As usual, GM made most of its money in North America, reporting $3 billion in pretax earnings. International operations including China broke even, while the company spent $300 million on its GM Cruise automated vehicle unit. Its financial arm made $500 million in pretax income. Suryadevara said GM saw $700 million in savings during the quarter from restructuring actions announced late last year that included cutting about 8,000 white-collar workers through layoffs, buyouts and early retirements. The company also announced plans to close five North American factories, shedding another 6,000 jobs. About 3,000 factory workers in the U.S. whose jobs were eliminated at four plants will be placed at other factories, but they could have to relocate. GM expects the restructuring to generate $2 billion to $2.5 billion in annual cost savings by the end of this year.

Google Earth helps sheriff's department find stolen car [w/video]

A stolen-vehicle case opened back in March was recently solved with the help of a property owner using Google Earth, a virtual globe and mapping service similar to Google Maps, ABC News reports. The man, who remains anonymous, found the stolen GMC Yukon while he was surveying his property in George County, Mississippi, using the map service and, judging by the top-down satellite image, thought he found a "shooting house" on his hunting grounds.
When he drove out to the suspicious structure, he realized it actually was a sport utility vehicle wedged in thick brush about 70 yards from the nearest road, so he called the police.
Law enforcement officers had arrested a female suspect in the case earlier based on eyewitness accounts, but didn't prosecute her because the stolen SUV hadn't been found. Ben Brown, a lieutenant detective with the George County Sheriff's Department, says that he ran the plates and confirmed the SUV was the stolen vehicle the department had been looking for.

GMC Hummer EV prices are going up by over $6,000

The GMC Hummer EV is not a cheap vehicle, and that becomes even more true this year. Pricing for all trim levels is climbing by $6,250. According to GMC, this is "due to the increase in the price of commodity parts." The new pricing is listed below. The only trim not included and not affected by the price increase is the Edition 1, which is sold out. EV2: $86,245 EV2X: $96,245 EV3X: $106,245 Note that these prices are not model year price increases, since some of these trims are not in production yet, and won't be for another year or two. These price increases apply to people that put in reservations for any of these Hummers starting on June 18. The good news for existing reservation holders, (anyone who reserved before June 18) is that they will still be charged the price announced when GMC started accepting reservations. Speaking of existing reservation holders (of which GMC says there are 77,500 so far), those who reserved the EV3X pickup versions will soon be able to configure their trucks. The company will reach out this summer for holders to make their configurations and submit their official orders. And production targets for all Hummer EV trims are unchanged. The EV3X is set for this fall, EV2X will be coming next spring, and the EV2 will arrive in spring 2024. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2023 GMC Hummer EV Review | Back and better than ever